Need to Know About Mashreq Neo Digital Bank Account

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With over 50 years of banking experience, Mashreq Bank is one of the leading financial institutions in the UAE. Established in 1967, it is one of the oldest and largest banks in the UAE. Over time, the bank has won numerous awards and accolades. In the year 2020, Mashreq Bank won the Most Innovative Bank in the Middle East title. With a range of banking services and products, it delivers customer-friendly financial services. To provide a complete digital banking experience, the bank launched Mashreq Neo as a dedicated digital kiosk. With a user-friendly interface and fully featured digital account, Mashreq Neo offers quick and reliable banking at your fingertips. 

The digital account is quick to open with lenient eligibility criteria and an easy application process. Additionally, you get a host of features and benefits such as free international money transfer to selected countries, zero balance requirement and a lot more. The article below acquaints you with various advantages of using a Mashreq Neo Digital Bank Account. 

Benefits of Mashreq Neo Digital Bank Account

Mashreq Neo offers a next-level banking experience where you can avail of all the services at your fingertips. To use the banking services, you just need to download the Mashreq Neo mobile application and get going. Various benefits of the Mashreq Neo digital account are as follows - 

  • A completely digitised bank account that requires no paperwork right from opening the account to using the banking services. 
  • You can open the account instantly with zero paperwork; all you need is an Emirates ID. 
  • As an account holder, you can choose various savings and current accounts as per your banking needs. 
  • With your current account, you can choose whether to transfer your salary or not. 
  • Avail of an internationally accepted Visa Platinum debit card to access your funds conveniently. 
  • Get all your queries resolved through Mashreq Neo mobile application. With a Neo account, you don’t need to visit the bank branch and can resolve your issues from the comfort of your home. 
  • With the Neo savings account, grow your funds at a competitive interest rate of up to 1.1 percent per annum.  
  • Through the Neo digital banking application, you get access to global stock exchanges and the opportunity to invest directly into gold and foreign currency. 
  • Mashreq Neo digital account offers numerous travel, dining and lifestyle benefits. 
  • Without no initial deposit requirement, Mashreq Neo is ideal for students and housewives in the UAE.  
  • Participate in the weekly Mashreq Millionaire draws and get a chance to win up to AED 1 million. 
  • Earn Salaam Points on each and every transaction you do using Salaam eligible credit and debit cards. Redeem the loyalty points to avail of attractive discounts on various travel, lifestyle and entertainment expenses, including movie tickets at Novo cinemas. 

Joining Offers with Mashreq Neo Digital Bank

With a host of benefits, Mashreq Neo offers numerous privileges to customers at the time of joining. Following are the joining offers from Mashreq Neo for the new customers. 

  • As a new Mashreq Neo customer, you enjoy a monthly cashback of up to AED 150 as a welcome bonus. 
  • To earn the welcome bonus, you need to maintain a minimum balance of AED 3,000.
  • Spend AED 1,000 on the Mashreq Neo debit card and earn AED 25 welcome bonus every month.
  • On making a payment in the first 90 days, you can earn up to AED 350 cashback.
  • When you transfer money up to AED 3,000 outside of UAE using Quick Remit, you earn AED 75 cashback. 
  • While buying a term life insurance or critical illness cover using Mashreq Neo, you get up to AED 100 cashback. 
  • When you start a savings account using Mashreq Neo Max saver, you get an attractive interest rate of 1.1%. 
  • Purchase car insurance using Mashreq Neo and earn cashback of AED 75. 

Detailed Features of Mashreq Neo Digital Bank Account

Following are the features of the Mashreq Neo digital bank account. 

  • Quick Remit - With a Mashreq Neo digital account, you can transfer funds to over 30 countries and send money to India and Pakistan with a minimal processing fee. The Quick Remit facility sends money to your home country within 24 hours and the service is available round the clock through the Mashreq Neo mobile application. 
  • Convenient Bill Payments - With a Mashreq Neo digital bank account, you can conveniently pay utility bills. Pay DEWA, SEWA, Etisalat, Salik, school fees, etc. with a few simple clicks using the Mashreq Neo mobile application. 
  • Zero Paperwork -  Mashreq Neo bank account is easy to open with almost no paperwork. All you need to do is to register using the Neo mobile application. 
  • Easy Instant Loans - Being a Mashreq Neo digital account holder, you can apply for credits of up to AED 20,000 in less than 2 minutes with minimal documentation. Additionally, you get flexible repayment tenures ranging from 1 to 18 months. 
  • Neo Insurance - With the Neo accounts, you can avail of worldwide Digi-term and critical insurance cover in no time. In addition, you can apply for comprehensive and third-party car insurance online without having to visit the branch. 
  • Different Accounts as per Your Needs - You can choose from various savings and current accounts depending on your financial needs. The current accounts are further sub-classified into salary and non-salary accounts and you can opt for them as per your requirements. 
  • Global Investment Options - Mashreq Neo provides global investment opportunities such as forex and stock trading, gold investments with competitive pricing and live access to foreign currencies. 
  • Mashreq Millionaire Certificate - When you buy a Mashreq Millionaire Certificate worth AED 1,000, you get a chance to participate in monthly and quarterly draws with the opportunity to win up to 1 million AED. 

Top Reasons to Choose Mashreq Neo Digital Bank Account

With a full-fledged digital banking service, the Mashreq Neo offers impeccable features and benefits to the customers. If you are looking for a digital bank account in the UAE, you can consider the following reasons to choose Mashreq Neo digital bank account. 

  • Save or Trade as per Your Need - Mashreq Neo offers a range of savings and current accounts that you can choose as per your needs. Mashreq Neo Max saver account offers an interest rate of up to 1.1% to grow your savings, while you can invest in global currencies using your current accounts
  • Rewards and Offers - Apart from the joining bonuses, you earn rewards on each and every transaction you do using the Mashreq Neo debit card and Salaam points eligible credit cards. Pay for retail shopping using MashreqPay and earn up to 5% cashback. Additionally, if your salary is transferred into the Mashreq Neo current account, you can earn cashback up to AED 2,500.
  • Fast, Reliable and Secure - With the changing banking system, Mashreq leaps a step ahead with Neo digital accounts that offer complete reliability, security and lighting fast service at your fingertips. 
  • Single Platform for all Banking Services - With Mashreq Neo mobile application, you can access all the banking services from the comfort of your home. You can conveniently open your bank account, resolve your queries and register complaints using the mobile application. 
  • Quick and Convenient Fund Access - Mashreq Neo comes with a Visa platinum debit card to withdraw funds from ATMs in the UAE. Additionally, you can always use the debit card to pay your funds online.  

Eligibility Criteria for the Mashreq Neo Digital Bank Account

Before applying, customers need to make sure they fulfil the eligibility criteria for the Mashreq Neo digital account. Following are the basic eligibility criteria to apply for the Mashreq Neo account.

  • Nationality -  An Individual must be a UAE national or resident with a valid Emirates ID
  • Age - Applicant must be at least 18 years old or above
  • Salary Requirements - The individual needs to have a minimum monthly salary of AED 5,000 or above
  • For entrepreneurs and small businesses, the annual turnover of their business must be at least AED 60,000.

Documents Required for Mashreq Neo Digital Bank Account

Since the Mashreq Neo bank account is available only to UAE nationals and residents, you only need your Emirates ID to register on the Neo mobile application. The documents are similar for entrepreneurs and small businesses as well.  

How to Apply for the Mashreq Neo Digital Account?

To apply for the Mashreq Neo digital account, you need to download the mobile application from App Store or Google Play Store or visit the Mashreq Neo online banking portal and follow the instructions given below - 

  1. Open the Neo mobile app and tap on ‘New to Neo’
  2. Register by entering your personal and contact details
  3. Then enter your employment details
  4. Follow along with the steps as mentioned
  5. Upload your Emirates ID
  6. Subsequently, enter your tax details and delivery address
  7. Create your login credentials
  8. Deposit or transfer funds in your Mashreq Neo account.  

Frequently Asked Questions

Q1: Can an expat open a Mashreq Neo digital account?

Ans: To open a Mashreq Neo account, you need to have a valid Emirates ID which is only available to UAE nationals and residents. So, you won’t be able to apply for the account. 

Q2: What is the minimum salary requirement for the Neo salary current account?

Ans: In order to get a Neo salary account, you need to have a minimum monthly salary of AED 5,000 or above. 

Q3: Is there a minimum deposit requirement for the Mashreq Neo Savings account?

Ans: No, there is no minimum deposit requirement for the Neo savings account. However, in the current accounts, you need to maintain an average balance of AED 3,000. 

Q4: Is there a cashback bonus with Neo salary current account?  

Ans: Yes, based on the salary transfer amount, you can earn cashback up to AED 2,500 with the Neo salary account. The following table depicts various cashback with the salary transfer account. 

Salary Transfer Amount in AED Cashback Bonus in AED
AED 5,000 to 9,999 200 AED
AED 10,000 to 19,999 1,000 AED
AED 20,000 to 49,000 1,500 AED
AED 50,000 and above 2,500 AED
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